This paper exploits newly available information on firms' direct (own production) and indirect (supplier-generated) carbon emission intensities and transaction-level imports to conduct an in-depth analysis of whether and how U.S. firms address climate change. We find robust evidence that U.S....

This study examines whether and how competition affects corporate strategic responses to stringent environmental policies. Using the nonattainment status of U.S. counties as a source of exogenous variation in environmental regulation, we find that competition fosters green innovation as firms...

This paper explores whether corporations resort to cutting social investments when responding to pressures from environmental authorities and various stakeholders to adopt pro-environmental policies. Our study documents the first evidence of a robust negative relationship between a firm’s...

Climate change is the biggest environmental challenge facing the world today, and corporate commitments to decarbonization are vital to combat this crisis. Our study investigates whether and how firms reduce their carbon footprints under financial resource constraints. Analyzing firms across 51...

Analyzing the intricate financial dimensions of multi-segment conglomerates necessitates a more nuanced approach than that required for single-segment firms. We find that conglomerates compensate for their business complexity by strategically disclosing more information voluntarily. This finding...

COVID-19 pandemic lockdowns and mobility restrictions have forced many individuals to work from home, leading to diverse isolation-induced mental health consequences. Using the granularity of foot traffic data, we show that prolonged work from home during the COVID-19 outbreak dampens managerial...